Administrator • A person appointed by the court to administer the assets and liabilities of a decedent.

Executor • A person appointed by a testator to carry out the directions and requests in his Will, and to dispose of the property according to his testamentary provisions after his decease.

Guardian • A person lawfully invested with the power, and charged with the duty, of taking care of the person and managing the property and rights of another person, who, for defect of age, understanding, or self-control, is considered incapable of administering his own affairs. One who legally has the care and management of the person, or the estate, or both, of a child during its minority.

Irrevocable Trust • Trust which cannot be revoked or recalled.

Intestate • A person is said to die intestate when he dies without making a Will, or dies without leaving anything to testify what his wishes were with respect to the disposal of his property after his death.

Last Will and Testament • Instrument which ultimately fixes the disposition of real and personal property at death.

Per capita • Method of dividing an intestate estate by which an equal share is given to each of a number of persons, all of whom stand in equal degree to the decedent.

Per stirpes • Method of dividing an intestate estate where a class or group of distributes take the share which their deceased would have been entitled to.

Postnuptial Agreement • Made after marriage between couples still married; they take the form of separation agreements, property settlements in contemplation of a separation or divorce, or property settlements where there is no intention of the parties to separate.

Power of Attorney • Instrument authorizing another to act as one’s agent or attorney.

Prenuptial Agreement • One entered into by prospective spouses prior to marriage but in contemplation and in consideration thereof; by it, the property rights of one or both of the prospective spouses are determined or are secured to one or both of them or their children.

Probate • Court procedure by which a Will is proved to be valid or invalid … include all matters and proceedings pertaining to administration of estates.

Residue • Surplus of a testator’s estate remaining after all the debts and particular legacies have been discharged.

Revocable Trust • Trust in which a settlor reserves himself the right to revoke.

Testate • One who has made a Will; one who dies leaving a Will.

Testator • One who makes or has made a testament or Will; one who dies leaving a Will.

Trust • A right of property, real or personal, held by one party for the benefit of another.

Trustee • Person holding property in Trust. The person appointed, or required by law, to execute a trust.

Trustor • One who creates a Trust. Also called settlor.

 

Source: Black’s Law Dictionary

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